Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events

Subsequent Events

Note 10—Subsequent Events

See “Note 8—Commitments and Contingencies” for information about the dismissal of the lawsuit regarding the AFCO Mergers.

Subsequent to March 31, 2017, the Company completed 3 acquisitions which are expected to be accounted for as asset acquisitions in South Dakota, Illinois, and Georgia. Consideration totaled $7.6 million in cash.

On April 27, 2017, the Company entered into a promissory note agreement with a tenant farmer to provide $1,647,000 in the form of a term note.  The note has a fixed annual interest rate with principal and all accrued interest due at maturity on April 27, 2018.  The note is secured by a first mortgage on farm real estate.

On May 9, 2017, the Company’s board of directors declared a distribution of $0.1275 per share of common stock and OP unit payable on July 14, 2017 to holders of record as of June 30, 2017.

See “Note 9—Stockholders Equity and Non-Controlling Interest” for information about the Second Amended Plan adopted by the Company’s stockholders on May 3, 2017.